In 2005, Y Combinator (YC) developed a new model of startup funding. Twice a year the firm invests a small amount of money ($14-20k + an $80k note) in a large number of startups (most recently 52). YC receives stock in the startup, from 2-10%; usually 6 or 7%. The startups move to Silicon Valley for 3 months, during which the firm works intensively with them to get the company into the best possible shape and refine their pitch to investors. Each cycle culminates in Demo Day, when the startups present to a large audience of investors. About halfway through each cycle the firm holds an event called Angel Day, at which each startup is paired with 2 angel investors, who will meet with them regularly in the weeks leading up to Demo Day. YC and the YC alumni network continue to help founders for the life of their company. Since 2005, YC has funded over 630 startups.